Stainless steel is a major component of modern manufacturing industries and output. Its shine, smoothness, and corrosion resistance make it an outstanding material for usage in many industrial domains. Chromium makes up about 18% of stainless steel and is a key component in manufacturing the alloy. As for its raw materials, chromium is majorly made up of chromite which is converted into chromium salts for industrial usage. It is also used in electroplating electrical and electronic equipment. Moreover, its applications expand to printing and dyeing, catalysis, tanning, medications, oxidants, and fuels. It also helps in boosting the steel’s hardness, and oxidation resistance, and prevents corrosion. As the end-use industries of chromium continue to thrive, coupled with supportive policymaking initiatives, the demand for chromium is set to grow. This will be instrumental in enabling the expansion of the global chromium market.
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Increasing Sales of Consumer Electronics to Bode Well for Market Growth
Owing to chromium’s exceptional anti-corrosive qualities, the metal has quickly become one of the most optimal metals for electroplating electrical and electronic pieces of equipment. It is often used to coat electro-galvanized zinc, copper, aluminium, and steel. In the recent past, the demand and production of electronic equipment have grown by leaps and bounds. Several consumer electronics industry participants are dedicated resources to leverage this opportunity. New market strategies are being applied to maintain a stronghold in the electronics domain. Such trends are expected to elevate the demand for electroplating which uses chromium. To this end, the global chromium market is set to thrive in the forecast period.
Paced Demand for Electric Vehicles to Unlock New Avenues of Growth
The automotive industry is one of the biggest and most fructuous end-use industries of chromium. Moreover, the sales of automobiles are expected to increase by a significant margin globally in the foreseeable future. The surging demand for electric vehicles is unlocking new opportunities for the global chromium market. The research and development efforts to improve the versatility and performance of electric vehicles are positively impacting the market. Chromium is being used extensively for conversion coatings and electroplating the exterior and interior parts of EVs. Against this backdrop, the demand for chromium is poised to reach new levels during the study period.
Asia Pacific to Lead Chromium Market Owing to Thriving Manufacturing Sector
Increasing demand for products made up of stainless steel is prolonging the growth momentum of the chromium market in Asia Pacific. Chromium is an integral part of commercial-grade stainless steel and is used to add hardening and corrosion resistance to the material. Besides, the thriving end-use industries such as automotive, aerospace, electronics, construction, and defence are further facilitating the regional market expansion. Japan has emerged as a notable economy in maintaining these favourable market conditions on account of its upsurging crude steel production.
Major Market Participants
Some of the key players in the global chromium market include CVK Group, Kermas Group Ltd., Hernic Ferrochrome Ltd., GULF Mining Group LLC, Eurasian Natural Resource Corporation, Glencore PLC, AI Tamman Indsil Ferro Chrome LLC, and Odisha Mining Corporation.
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